U.S. Stock Movement | SpaceX (SPCX.US) rises over 8% as restricted shares are unlocked without selling pressure, with short covering driving the stock price up.

According to Zhitong Finance APP, on Friday, SpaceX (SPCX.US) rose by over 8%, closing at $124.46. On the news front, on August 6, the first batch of 911.5 million shares of insider restricted stock officially became unrestricted, potentially releasing a market value of about $100 billionhowever, the secondary market crash that the market had widely priced in did not occur. Market participants indicated that some short strategies are not merely betting on a deterioration of fundamentals, but are aimed at the possible concentrated cashing out by early investors and employees following the unrestricted shares. If the actual sales by insiders fall short of expectations, the pressure for short covering should not be underestimated.